Investment Rating - The investment rating for ZTO Express (02057) is "Buy" (maintained) [6] Core Insights - In H1 2024, the company achieved revenue of 20.69 billion yuan, a year-on-year increase of 10.5%, and adjusted net profit of 5.01 billion yuan, up 12.1% year-on-year. In Q2 2024, revenue was 10.73 billion yuan, with a year-on-year growth of 10.1%, and adjusted net profit reached 2.81 billion yuan, growing 10.9% year-on-year [3][10] - The company maintained a mid-term dividend of 0.35 USD per American Depositary Share and common stock, corresponding to a payout ratio of 40% [10] - In Q2 2024, the express delivery volume increased by 10.1% year-on-year, with a market share of 19.6% [10] - The company’s core express business revenue per ticket was 1.24 yuan, remaining flat year-on-year, benefiting from an increase in high-value non-e-commerce packages [10] - The core cost per ticket decreased by 0.02 yuan year-on-year, with a decline in transportation costs by 0.03 yuan to 0.39 yuan, a decrease of 6.8% [10] - The company maintains a business volume growth guidance of 15%-18% for 2024, expecting package volume to be approximately 34.73 billion to 35.64 billion pieces [10] - Revenue forecasts for 2024-2026 are 43.96 billion, 49.37 billion, and 54.54 billion yuan, with corresponding growth rates of 14.43%, 12.29%, and 10.48% [11] Financial Data Summary - Total revenue for 2024 is projected at 43.96 billion yuan, with a net profit of 10.25 billion yuan, and EPS of 12.61 yuan [11] - The company’s asset-liability ratio is 35.03% [6] - The current share price is 165.50 HKD, with a market capitalization of approximately 133.50 billion HKD [6]
中通快递-W：Q2单票价格同比持平，经营业绩保持稳健增长